CVC Involvement, Digital Transformation, and Risk-Taking of Investee Companies: Evidence from China
Why this work is in the frame
A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.
Bibliographic record
Abstract
This paper investigates the impact of corporate venture capital (CVC) involvement on digital transformation and the risk-taking behavior of investee companies. Based on data on manufacturing companies listed on the Small and Medium-sized Enterprise (SME) board and the Growth Enterprise Market (GEM) of the Shenzhen Stock Exchange from 2015 to 2022, we find that CVC involvement helps boost the risk-taking level of investee companies. This is because CVC promotes corporate digital transformation, which in turn enhances corporate risk-taking. Finally, we show that the promoting effect of CVC on corporate risk-taking is more pronounced for investee companies with a small size and investee companies with a high degree of operating leverage. Our findings provide novel evidence for the effect of CVC on corporate risk-taking in the digital age.
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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.003 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it